A Reason for us Small Business Owners to Remain Optimistic
A Reason for us Small Business Owners to Remain Optimistic
I came across an interesting new survey that actually has some promising stuff for us small business owners. I know the last few years have been crazy tricky to navigate. But it seems like we might be turning a corner!
The survey, from Goldman Sachs 10,000 Small Business Voices, found that 3⁄4 of small biz owners are feeling optimistic looking ahead to 2024. That's up a good bit from 68% last year. And it's despite the fact that inflation is still hanging around making things pricier.
More business owners also now rate the overall economy as good or excellent - 28% compared to 19% last fall. Over half say they expect to add jobs this year. And 62% think their profits are going up. Not too shabby!
So why the sunnier outlook? Well it likely has something to do with signs that consumers are spending more freely again. And hints that the Fed might ease off interest rate hikes. Lower rates could give our bottom lines a nice boost!
Challenges Still Abound Of course it ain't all rainbows and butterflies out there either. 35% of owners said 2023 was actually tougher than 2020! Inflation topped the list of current concerns. 77% of us are worried about getting access to capital loans too.
The survey found 86% think it'll be harder to grow if pending bank regulations make lending tighter. And of those who recently applied for financing, 60% had trouble getting affordable funding approved. Over 1⁄4 took deals with predatory terms just to get by.
So cash flow is still crazy tight for many small shops. As the backbone of this economy, we clearly need more support! But at least consumers still have an appetite for what true mom and pops are serving up.
All in all, while the road ahead is long, the latest signals have me breathing a bit easier. What about you? Have these first few weeks of 2024 felt a little lighter? I'm trying to focus on the positives and feel hopeful. Let me know what's going on in your world!
-Jason
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